Call for Boosting Iran's Secondary Forex Market

EghtesadOnline: The Majlis Economic Commission criticized the government’s poor handling of a crisis that hit the hard currency market in April and stressed the need for measures to boost the Secondary Forex Market.

News ID: ۷۸۳۴۰۷

28 July 2018

“Unfortunately, the government’s insistence on a single-rate currency policy delayed the establishment of the secondary market,” Mohammad Reza Pour-Ebrahimi, the head of Majlis Economic Commission, also told state TV on Tuesday. Earlier this month, the Central Bank of Iran announced the launch of the Secondary Forex Market, wherein importers and exporters are allowed to agree to a negotiated dollar rate for making transactions.  According to CBI’s website, since the market was set up about two weeks ago, it has handled trade worth $300 million. Pour-Ebrahimi dismissed the sum as “insignificant vis-a-vis the country’s needs”. “The government has assigned only 20% of non-oil export revenues to the market. It is a wrong decision. All the resources earned from non-oil exports should be injected into the market,” Financial Tribune quoted him as saying.